18. The SWF’s investment policy should be clear and consistent with its defined objectives, risk tolerance, and investment strategy, as set by the owner or the governing body(ies), and be based on sound portfolio management principles.
18.1. The investment policy should guide the SWF’s financial risk exposures and the possible use of leverage.
18.2. The investment policy should address the extent to which internal and/or external investment managers are used, the range of their activities and authority, and the process by which they are selected and their performance monitored.
18.3. A description of the investment policy of the SWF should be publicly disclosed.
AGDF's Investment Policy statement, including objectives and investment strategy, is published on the AGDF website. The investment policy approved by the board spells out broader details.
The AGDF aims to support Rwanda’s economic security and development and build wealth for generations of Rwandans.
AGDF is a professional and prudent institutional investor with a long investment horizon. This enables it to seek out sustainable real returns and ride out short-term economic and financial market fluctuations. AGDF aims to achieve above-average real returns while maintaining risk within acceptable limits, so as to preserve capital.
AGDF’s long-term objectives and expected economic and market conditions determine the choice of asset classes and their weights in the Fund. The Board reviews the Fund’s asset allocation periodically for consistency with the objectives and evolving opportunities and risks.
Information about the AGDF asset allocation is available on our website and detailed information is reflected in the annual report also available online.
The criteria and procedures for the recruitment of internal investment managers are clearly set out in HR Policy. The Chief Investment Officer is the lead manager. Regarding the hiring of External Fund Manager (“EFM”), the AGDF investment policy enshrines guidelines thereon established to address the process by which they are selected, their responsibilities and how their performance monitored. The policy sets out that AGDF shall hire fund managers (when deemed necessary) after thorough due diligence and negotiations to manage portions of AGDF assets. Currently, the fund’assets are managed by internal managers. The powers to approve external fund managers are entrusted with the board with the help of management.
Information about the AGDF asset allocation is available on our website.
The criteria and procedures for the recruitment of internal investment managers are clearly set out HR Policy. The Chief Investment Officer is the lead manager. As to the hiring of External Fund Manager (“EFM”), we have not yet hired one, but Guidelines thereon have been established to address the process by which they are selected and how their performance is monitored.